OP Corporate Bank grants EUR 150 million financing to Latvenergo
OP Corporate Bank plc Latvia branch has signed a two-year overdraft agreement with AS Latvenergo in the amount of EUR 150 million. The financing will be used for working capital, liquidity management, and investment projects in renewable energy.
“This financing for Latvenergo is another step in our long-standing cooperation with one of the most significant energy companies in the Baltics. We highly value Latvenergo professional approach to long-term financial planning and its determined progress toward sustainable development. We are pleased to support initiatives that promote stable, sustainable, and future-oriented growth in the energy sector,” says Elmārs Prikšāns, General Manager of OP Corporate Bank plc Latvia branch.
Guntars Baļčūns, Chief Financial Officer of AS Latvenergo:
“We have been cooperating with OP Corporate Bank plc for well over 10 years, and with the support of this international financial institution with a high credit rating, we have successfully implemented various development projects important to the Latvenergo Group. As we move toward achieving the goals set out in our strategy, we highly appreciate the continued cooperation with OP Corporate Bank plc.”
Credit rating agency Moody’s has assigned AS Latvenergo an investment-grade credit rating of Baa2 with a stable outlook.
About AS Latvenergo
Latvenergo Group comprises the parent company Latvenergo AS and six subsidiaries. Latvenergo AS ensures generation and trade of electricity and thermal energy as well as trade of natural gas.
About the Latvian branch of OP Corporate Bank plc
OP Corporate Bank plc is the central bank of OP Financial Group, Finland's largest financial services provider. It started its operations in Latvia in 2012 and is one of the leading banks in the country in terms of loan volume issued to medium and large enterprises. The bank provides financial services to leading companies in Latvia and play an important role in the long-term development of the country and the entire region.